The IRS has proposed regulation (REG-103083-18) under Sec. 6050Y, including information for reporting of life insurance contract transactions. The rules also cover how the seller determines the amount of death benefits excluded from gross income under Sec. 101 after a reportable policy sale.
The proposed regulations provide transitional guidance until the IRS issues final regulations. The IRS is holding a public hearing on the regulations on Wednesday, June 5, and requests comments by Thursday, May 9.